Markets soar on strong jobs report and debt ceiling resolution

The Dow Jones surged over 700 points on Friday as investors celebrated the passage of the debt ceiling deal and a positive jobs report. The S&P 500 and Nasdaq Composite also saw gains. The Senate's approval of the debt ceiling deal ended weeks of concern that the US could default on its debt. The mixed May jobs report showed a robust labor market but also revealed a slight cooldown in average hourly wages and an increase in the unemployment rate. Futures traders are pricing in an interest rate pause at the Fed's next meeting, but some investors remain divided on whether the central bank will hike in July or pause.